Local official doesn't feel banks keeping foreclosed homes off market

Northwest Ohio's housing market reawakening is similar to a national revival in the housing market after a nationwide decline that started in 2007.

In 2012 sales nationally reached 4.65 million, the best year since 2007 when sales hit 5.03 million.

"The main reason is the tightening of the inventory," said Walter Molony, a spokesman for the National Association of Realtors. "We now have the tightest supply since May 2005."

Like the trend nationwide, tighter inventory is fueling the resurgence of the northwest Ohio markets.

One local official doesn't believe banks and mortgage companies are keeping the majority of foreclosed homes off the market to avoid a price collapse.

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